Prepare the franking account for Congee Pty Ltd for the year ended 30 June 2023 using the information provided below. Congee Pty Ltd is a resident company, which has recorded the following transactions: Table 6 - Transactions $ 12/08/2022 70% franked dividend received 32,000 28/09/2022 Partly franked dividend paid (85% franked) 52,290 20/10/2022 PAYG instalment paid 16,000 1/02/2023 Income Tax refund received 22,500 15/02/2023 PAYG instalment paid 16,000 16/03/2023 Foreign dividend received (no tax was withheld) 7,650 21/04/2023 PAYG instalment paid 10,000 9/06/2023 21/06/2023 Partly franked dividend paid (45% franked) Fully franked dividend received 43,155 24,045 • • Congee is not a small business entity. The entity had an opening franking account deficit of $16,400. The relevant franking account deficit tax was duly paid on 19 July 2022. The entity was not granted any variations to its benchmark franking percentage.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Prepare the franking account for Congee Pty Ltd for the year ended 30 June 2023
using the information provided below.
Congee Pty Ltd is a resident company, which has recorded the following
transactions:
Table 6 - Transactions
$
12/08/2022
70% franked dividend received
32,000
28/09/2022
Partly franked dividend paid (85% franked)
52,290
20/10/2022
PAYG instalment paid
16,000
1/02/2023
Income Tax refund received
22,500
15/02/2023
PAYG instalment paid
16,000
16/03/2023
Foreign dividend received (no tax was withheld) 7,650
21/04/2023
PAYG instalment paid
10,000
9/06/2023
21/06/2023
Partly franked dividend paid (45% franked)
Fully franked dividend received
43,155
24,045
•
•
Congee is not a small business entity.
The entity had an opening franking account deficit of $16,400. The relevant
franking account deficit tax was duly paid on 19 July 2022.
The entity was not granted any variations to its benchmark franking
percentage.
Transcribed Image Text:Prepare the franking account for Congee Pty Ltd for the year ended 30 June 2023 using the information provided below. Congee Pty Ltd is a resident company, which has recorded the following transactions: Table 6 - Transactions $ 12/08/2022 70% franked dividend received 32,000 28/09/2022 Partly franked dividend paid (85% franked) 52,290 20/10/2022 PAYG instalment paid 16,000 1/02/2023 Income Tax refund received 22,500 15/02/2023 PAYG instalment paid 16,000 16/03/2023 Foreign dividend received (no tax was withheld) 7,650 21/04/2023 PAYG instalment paid 10,000 9/06/2023 21/06/2023 Partly franked dividend paid (45% franked) Fully franked dividend received 43,155 24,045 • • Congee is not a small business entity. The entity had an opening franking account deficit of $16,400. The relevant franking account deficit tax was duly paid on 19 July 2022. The entity was not granted any variations to its benchmark franking percentage.
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